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20120925
20121003
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CNBC 39
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CNBC
Sep 28, 2012 3:00pm EDT
of the top defense analysts gives you his list of losers and winners next. >>> attention amazon shoppers, the online retail giant has its sights set on selling wine. >>> and oops, tim cook apologizes for apple's half-baked map app. is this his first big mistake of the ceo? we'll get to the core of the matter. at optionsxpress we create easy-to-use, powerful trading tools for all. like our all-in-one trade ticket. we put strategies, chains and positions all on one screen. start trading today with optionsxpress by charles schwa start trading today with for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pa
CNBC
Sep 28, 2012 6:00pm EDT
last october. mostly because of concern about the fiscal cliff. we could see major cuts in defense spending. given it gets 70% of its sales from the department of defense you can see why people would be nervous. however, i think those worries might be baked into the stock at those levels. it might be exaggerated. plus xls sports a juicy 4% yield. even if the worse does happen they're paying you to wait for washington to sort itself out. the other thing it represents a niche area within the budget. it's not one of those big old cold war programs that they have. i don't know if we should even be that worried. among the other things the company makes is highly secure communication systems, energy annal just, warfare systems, night vision goggles. it also has an information technical side where they do everything from aircraft traffic management for the faa and networks. that's probably less sensitive to the budget cuts we're all so worried about. last quarter was quite strong. if we don't fall off the fiscal cliff this could be the right stock to own. even if we do smash into the fisc
CNBC
Sep 26, 2012 4:00pm EDT
points. first of all, defense will and can make a contribution to deficit reduction. secondly, this is not the way. the sequester is the worst way to go about reducing defense spending. thirdly, the right way to do it is to go after taxes, raise tax revenue and cut the entitlement programs, which are driving long-term spending growth and debt creation in this country. it's not defense, which is on a relatively stable downward path. so, you know, i would agree that we need to cut our deficits. it's just the wrong way to do it. >> so what is the better way to do it? here we have, you know, automatic cuts coming, automatic tax increases coming. a lot of people predicting that 2013 will be a recession as a result of this. we haven't even heard from the defense companies in terms of how many jobs they're about to cut because of it. so what's the best way to do it? >> keep in mind nobody wants the sequester to happen. maybe chris and his colleagues at catos are an exception. the idea of a sequester is so awf awful, it would cut so deeply into spending, it should never happen. it's a
CNBC
Sep 30, 2012 7:30pm EDT
's talk about residual damage. government defense contractors will have to lay off workers soon if there's no agreement. you know, because they are losing those federal dollars of those federal programs that are going away, we're going to see more unemployment. the defense company will have to notify workers in the next couple of weeks. how important is this? >> well, it is a temporary drag on the economy. i honestly think of all the things that will not happen, starting january 1st, that the chances that we're going to get both rounds of spending cuts agree to last august, including massive defense cuts, i think is pretty slight. i think it will be rectified the next few months. it's terrible we have to put these businesses through this. until we get out to the other side. >> what about housing? it seems to be recovering but it's still murky. how strong is it? is this important for the overall economy? >> nothing could be more important than the improvement in home prices we're seeing. we're getting very good signals on home prices. join get higher home prices, that pushes up output bec
CNBC
Oct 1, 2012 4:00pm EDT
-hanging fruit that is defense cuts as well as the entitlements. medicare, medicaid, and social security. where do you see opportunity for cuts? >> we see opportunity across the budget. in agriculture, in transportation. as you say, in defense and in general government programs but across the government we think there's opportunities. probably if you look at crop insurance or commodity payments in the agriculture, that can add up. smaller areas that's $1 billion. $1 billion here, $1 billion there, it adds up to money. we wanted a menu of thoughtful choices to reduce our deficit and avoid sequestration. >> go through it for us. because, you know, i guess if it were that easy, it would have been a lot simpler getting to the point where we're at. can you talk to us specifics about what you think should be cut? >> sure. that's what we wanted to do in this report. it's more than $100 billion in agriculture, more than $100 billion in energy, and as i said, in agriculture, commodity crop payments, reforming crop insurance. in energy, we'd like to eliminate the entire tight. 17 loan guarantee program w
CNBC
Sep 27, 2012 7:00pm EDT
obama has called the concerns over iran noise, quote/unquote, and that secretary of defense leon panetta has repeatedly and emphatically outlined the dangers of military action against iran. and joe biden as he said has made fun of the whole thing. it doesn't sound like an open and shut commitment that the u.s. would use military option, general clark. what's your take? >> i think it's an open and shut commitment. i think the president said he'll do whatever it takes. i think he can do it. we know what the military option is. it's been talked about many times. you've seen it on display in iraq and afghanistan. we used a military option in kosovo when i was the commander, the iranians should be under no doubt that this option can be used. it will be effective and it will result in the destructure of the industrial potential and military potential of iran. the question is what's the best way to maneuver the iranians so you don't have to do that. because no one wants to use at least on this side in this government wants to use military force if you don't have to. always innocent people get
CNBC
Oct 1, 2012 7:00pm EDT
the domestic policy council. is obama really going to be able to articulate a defense on fiscal policy. i haven't heard him give any speech where he seems to be in the weeds on this. >> i thought he was a tough campaign strategist. >> now, look, if he takes my advice, which he won't do. i would talk about the following. i have a bill that all kinds of economists say would create at least a million jobs, congress won't touch it. >> i think that we haven't answered the funnel eed the fun question that -- if romney gets into this pro business thing, are we going to have inflation like your venezuelan idea? >> i don't care much about venezuela, although it looks like what's his name is going to lose, chavez is going to lose. i do remember argentina having been down there several times in in the 1990s, you buy all these bonds, you have a triple digit inflation rate. lee munson, thanks. >> i'm a bull, it's okay to be a bull. >> all right, the kudlow caucus is staying throughout the area. here's what we're going to tackle up next, the north koreans now, they say we're planning to inthey would them. co
CNBC
Oct 2, 2012 7:00pm EDT
next. why the pink slips haven't gone out because of the defense cuts. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ feedback ] attention, well, everyone. you can now try snapshot from progressive free for 30 days. just plug this into your car, and your good driving can save you up to 30%. you could even try it without switching your insurance. why not give it a shot? carry on. now you can test-drive snapshot before you switch. visit progressive.com today. >>> our kudlow caucus is still with us. i don't think i said that before. i apologize as always. let me begin with you on this point. the defense contract. i go to you because you are from virginia. they are going to get killed by the budget cut. the law says that the contractors have to send out pink slips and the obama admin
CNBC
Sep 25, 2012 9:00pm EDT
was in charge of protecting it, as head of cyber defense at the department of homeland security. he believes that stuxnet has given countries like russia and china, not to mention terrorist groups and gangs of cybercriminals for hire, a textbook on how to attack key u.s. installations. >> you can download the actual source code of stuxnet now and you can repurpose it and repackage it and then, you know, point it back towards wherever it came from. >> sounds a little bit like pandora's box. >> yes. >> whoever launched this attack-- >> they opened up the box. they demonstrated the capability. they showed the ability and the desire to do so, and it's not something that can be put back. >> if somebody in the government had come to you and said, "look, we're thinking about doing this. what do you think?" what would you have told them? >> i would have strongly cautioned them against it because of the unintended consequences of releasing such a code. >> meaning that other people could use it against you? >> yes. >> or use their own version of the code. >> something similar. son of stuxnet, if you w
CNBC
Oct 1, 2012 1:00pm EDT
on the impact of the new qe3. in his prepared remarks, a full-throated defense of what he's done policiwise in the wake of the big financial crisis. we're going to bring it to you live. the fed and strong manufacturing numbers out today have the market squarely in rarely mode. the dow right now up 124 points, 1 13,561. >>> let's go where the action is. at the nyse. sue herera. >> as we wait for ben bernanke to begin that q&a session, we have a big stock market rally on our hands the first day of the trading quarter, up 123 points right now. bob pisani's joining me now on the floor. you're up a little sigh of relief there. a rally that's carried over to the u.s. but are the underpinnings here at home strong enough? >> new order xoen fent norcompo ism moved the market up in addition to follow-through from europe. the dow industrials were off the high 2-1 advancing to declining stocks. it was 3-1 earlier but you could see we've dipped a little just in the last 15 minutes or so. in terms of what's moving here, well, right across the board, pretty nice rally here. energy materials, industrials,
CNBC
Oct 1, 2012 3:00pm EDT
of gerring wealth management. he says yes. gary clark says be defensive knew, expect a rally after the election. thanks for joining us. harry, why do you expect a rally after the election? we'll get nr clarity then? >> that's one thing. the uncertainty is the death of the market. i think we're going to get a correction first. the market is tired. the tired gain of last month was two days. ecb day and qe forever day. that's not good for the markets. the market needs a correction. think now anywhere from 5% to 8% will do it. a lot of money out there waiting to get in the market. they missed it. that's a lot of reason a rally. a lot of money that missed the market rally this year. they're going to find it. >> in fact, eric, you're the opposite of harry. you think yewe're going to see rally now then you're bearish longer term. why? >> if you look back at the market pattern, qe 2, for example, you know, there was a strong rally and anticipation of qe, but once the policy was actually put in place, the market paused. it had to digest the receipt of qe. that took about two or three weeks.
CNBC
Sep 27, 2012 4:00pm EDT
for growth. really, what we're seeing in r.i.m.'s numbers are how well it's doing at playing defense. we know that part of their strategy is discounting their products, hoping they can create somewhat of a moat around them and give them time to get blackberry 10 out. seems that defensive strategy is working better than a lot of people expected. their average selling price is not down as much as people expected. a number of analysts expected them to do worse than that $2.5 billion number. they got up to 2.9. what we're seeing here is the the defensive strategy. it remains to be seen now that the iphone 5 is out and the samsung galaxy iii is out in the channel. >> all right, john. thank you so much. stock up big, 14% higher on r.i.m. up next, europe is a mess. the u.s. and china are slowing down. where is global growth coming from? bob hormats is with me. >>> then, it seems like a number of americans are learning a bad habit from washington. we'll tell you which one next. e, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a
CNBC
Oct 1, 2012 12:00pm EDT
of the names i would point out. if our on the defensive side i am looking at the big pharma names where you are looking at the valuation and the yield as well as the big money center banks and i would also stick with something like a kkr, black stone, and a lot of students depending how aggressive or offensive or defensive you want to be. >> the market came back up a percent or so last week. did you come in today a bit of a doubter and how did the ism report better than expected change your way of thinking if at all. >> you're right. i came in somewhat skeptical today. i was still bullish. i am still skeptical. the futures looked up and then when the ism hit of course they moved up higher and all because they said our bank problems are not as bad as feared. this is clear heyly a market that the mark and until the news hits you square in the face to keep going higher, i think that may come, though, with the third quarter earnings release and i think when you see the worst quarter in a long time and i don't think it is as well discounted. >> you think maybe the trough in the third quarter and
CNBC
Sep 26, 2012 1:00pm EDT
a defensive stance or at least those have been the winning sectors in a day when the overall tone to the market has been weaker because of concerns about the euro -- because of europe. also concerns about some sectors in the u.s., specifically the home builders. august new home sales were weaker than expected. as a result the u.s. home building index having one of its worst days in a couple of months putting pressure on home builders which have been generally a positive sector over the last year again. let's look at a couple of dow movers as the dow holds onto the two-point gain. the nasdaq and s&p remain weaker. bank of america, american express, financials are under pressure. disney, cisco and travellers. tech is a standout to the down side today. one of the reasons we see the tech sector weaker is because of circuit. also transports in a shift because of weakness in oil outperforming the dow industrials. back to techs. jabil circuit came out with weak results. stock down over 9%. as we approach the close of september, typically a volatile month for the markets. this time no exc
CNBC
Sep 27, 2012 6:00am EDT
agreement, the defense spending not be cut dramatically, that we deal with the bowles-simpson, the debt issue. i think you'll see some kind of compromise right after the election from both parties. i'm a minority opinion here. but i think the american people have a strange way of saying enough of this and we want some changes. and it's going to happen. >> i've been surprised that it hasn't been a bigger issue on both sides, the boobowles simpl approach. >> right now you the way you get ahead unfortunately is negative campaigning. issues matter to some, but ear talking about a very narrow group of voters. minority, young voters in about four state, maybe it's 6%. you're targeting that electorate. and the way you you drive thumbs unfortunately is by being negative. >> bill richardson, thank you for coming in this morning. we'll see what happens. >> did you see the driver less cars? >> dennis miller tweeted -- i said can i use this. where does a driverless car need to do, why doesn't it just say parked? seriously. >> like a steven wright sort of -- >> it is. but where is it headed? i mean,
CNBC
Sep 25, 2012 4:00am EDT
the green light for the government to loosen up its deficit targets. >> meanwhile the defense ministers are reportedly set to meet over the planned $45 billion merger between bae and eads. our favorite name so far is beads. it's a warm and fuzzy name for a defense company. >> absolutely. beads. doesn't sound bad whatsoever. a little bit of a feminine touch there if you think about what you can put around your neck, but i i like it, too. the latest in that development is of course tomorrow tom enders will step into front of the german parliament to map out the kind of deal that we may expect from that merger. until now, all the governments involved, uk, u.s. as well as the french and german of course have come up with a lot of yes buts. meaning they're looking at trying to safe guard jobs and also a possible takeover and the golden share offered quite a few days ago, however it could be getting in to problems when it comes into the eu competition wall. so we really have to see. perhaps tomorrow after that meeting, we could see more information. ross. >> all right. thanks for that, patric
CNBC
Sep 25, 2012 1:00pm EDT
. last play of the game, receiver and defender both go for the ball. looks like the defensive guy has possession but it was ruled a touchdown. rest of the world knows it was the wrong call, seattle wins, green bay loses, the nfl just released a statement standing by the call that golden tate should be credited with a touchdown but admitted a penalty should have been call and negated it, whatever that is worth this is a quote, "this should have been a penalty for offensive pass interference which would have ended guy. it was not called and is not reviewable in instant replay." that result rocked the betting world. most of the reports say the play caused a $150 million to $300 betting swing but several gambling sources tell the cnbc that the number is most likely over 8 billion. jay kornegay who runs the sports book at the las vegas hotel and casino says 12 to 15 million was bet on the game in vegas, usually is 1 to 2% of the global take. you include internet exoverseas, et cetera. that's talking about 750 million. now, consider that there's a loser for every winner and we are talking a
CNBC
Sep 25, 2012 4:00pm EDT
things with the defense department and where they're going to be at as far as cuts go. we'll get an indication what's going to happen. i think we'll have to wait until the election is over and done with and we'll get clarity for the future of the markets. >> i really like the fact you're looking at this whole dividend issue. we've been talking about the fiscal cliff a lot on this program. do you really think these guys are going to allow dif vidend taxes to go to 43%? >> they think hthis is a bunch f wealthy people trading the stock market. these are teachers' pension funds. all receiving some kind of yield with their investment into the marketplace. if you're going to take the cost of that and go up significant, maybe less people will be involved. it's not good for the overall economy, in my opinion. >> as an executive at a firm that has raised the dividend, that's been paying back shareholders, even in a good performance, not that you need it, would that dictate your behavior? would you -- if dividend taxes went that high, would you reconsider? >> we've taken nothing off the ta
CNBC
Sep 28, 2012 7:00pm EDT
slash defense and pull out of afghanistan early and leave iraq entirely and now the narrative is in tatters. they had a huge personal political interest in maintaining that narrative. it was wrong to begin. it is wrong now and the president himself, even the day after his own director of counterintelligence, matthew olson said it is a terrorist act. this guy went on "the view" of all places to repeat the lie. >> and it is worse than that. he went before the u.n. i read his speech. he had three fat paragraphs mr. obama did trying to sell the video/spontaneous demonstration. still, that was, what, this past tuesday. >> correct. >> and remember, he and mrs. clinton went on tv in pakistan still apologizing for the video. they have so much invested in the notion that if we reach out, don't offend these people we will get along fine. it is ludicrous. it's a lie and the president of the united states needs to come before the american people and explain to them what did he know? when did he know it? and why has he and senior officials been lying. >> is jack jacobs here. welcome. i wan
CNBC
Oct 2, 2012 3:00pm EDT
. in the morning it was higher. then they started to buy those treasuries and the yeield came down. defensive nature to the sectors that were doing well today. the classic defensive plays, health care and utilities leading the way followed by everybody's favorite these day, telecom, because of that dividend play. the financials are squeaking out a gain at the close. peter costa, what do you make of this late comeback? >> we've seen the last few days where the market's been up and sold off towards the end of the day. this is just a reversal. i think towards the end of the day we've seen a lot of reversals. you know, short positions being covered. >> the spanish, we believe they'll eventually ask for help from the european central bank. >> get it over with. >> what does the market do when that finally happens? >> well, i think there will be a sigh of relief. one of the question marks that's been overhanging the market for the last six months will be answered. i would imagine it would be not fully answered, but it will be answered. i think the market will probably rally after that. i guess we'll
CNBC
Oct 2, 2012 4:00pm EDT
, statutes of limitation, legal defenses, nature of the injury, the damage suffered, all of that has to go into the negotiation process. >> so you're also overseeing the aurora victim relief fund. you say it's unusual for a fund to exist at all. why do you say that? >> how many bad things happen to good people every day in this country? you don't have aurora funds or virginia tech funds or 9/11 funds. this is a singular example of private donations coming into the aurora community. the governor of colorado, governor hickenlooper made it clear. he wanted me to get this money out fast without restrictions. i'll be out in aurora next week to listen to the victims, hear what they have to say, meet with the governor, and hopefully quickly come up with a compensation proek ree yum to distribute what is a small amount of money, relatively speaking. >> all right. we'll leave it there. ken, thanks so much for your time today. we appreciate it. best of luck with these cases. see you soon. >> thanks again, maria. >> ken feinberg joining us. up next, it's the interview we've been waiting for. larry el
CNBC
Oct 1, 2012 9:00am EDT
] ceradyne had been like all the defense contractors. more downgrades of defense contractors. anyone who knows this company knows they're an innovator. but when you're pulling back on the military, pulling back on cera dyne. >> accretive by a penny? >> lowered -- remember they said the goals became stretch goals. and the stock didn't get hit. this is an example after what we talked about at the beginning of the show. there's no real momentum there. >> deutsche is looking at ibm taking their price target up. >> another stock that's a huge dow leader. what i would tell you here is that this stock has very little resistance. accenture last week reported, these are remarkable. ibm has a mainframe cycle, too. the consulting companies are on fire because they save companies money whenever they bring them in. >> finally, i think we have time for credit suisse going to a sell on nokia. >> nokia, i'm trying to figure out where it stops. i could do one of those, mow, larry, curly things where i go on the floor. but i do think that nokia has minimal upside. the balance sheet is going down. compare
CNBC
Sep 26, 2012 4:00am EDT
it ultimately as positioning against some of the bigger global defense aerospace companies, perhaps it pushes it through. >> boeing is still in receipt of subsidies from the u.s. government. one day after the u.s. said it had complied with the wto requirement, eu officials rejected the claim and said they would appeal again to the trade organization. this marks the latest chapter in an ongoing battle with the u.s. also pursuing the eu over air bus subsidies. >>> in japan, they have chosen a nationalist talk to lead it into upcoming elections. if former prime minister won the leadership in a second round lineup. he had been the most vocal candidate in calling for a harder start against beijing in ongoing territorial disputes. he's also pushed bank of japan to take more action on the economy. >>> continued anti-japanese tension in china is forcing japan's top auto makers to put the brakes on production. here is the story live from tokyo. >> reporter: the decision comes as growing anti-japan sentiments slow sales of japanese cars in the mainland. toyota's original plan was to shut down its main
CNBC
Sep 28, 2012 4:00am EDT
as investors took profit on defensive plays. >>> european policymakers, made grid's budget a major step towards recovery, but today the government must brace for the results of the banking stress tests. teach sedgwick has been following the story for us all week out of madrid. steve, good morning. sounds like we may not know the results of the stress tests until well after the afternoon. >> yesterday i had an interesting question, he said what time is the budget due. i said about an hour and a half ago. and that's the problem with communication here in spain. we don't get finite times of when things will happen until very often after they've started. in the end of course we got the spanish budget announcement somewhere in the region of 5:00 p.m. local time having been told the press conference will be at 1:30. so after market seems to be the consensus at the moment. when that means could mean up until monday, i guess. but in terms of the stress test itself, i wouldn't get too worked up about it. yes, it will show that the banks potentially will borrow money, but they don't need as much as feare
CNBC
Oct 1, 2012 11:00pm EDT
'm going to toss to. only if it's down will i toss to it. i'm worried about one defensive back out there and that's the chart which indicates that union pacific won't be able to hold on to the ball. otherwise i'll keep the ball myself. maybe dump it off into cash. remember, you don't always need to pass it. the bottom line, i have now completed my check down of fourth quarter opportunities based on the third quarter and i've limited it to one player -- the wide receiver that's union pacific. i'll go to him to pick up a quick six points or maybe more. after the break i'll try to make you more money. >>> coming up, war on the web? the internet's tech giants have been locked in a battle for search supremacy but after poaching one of google's top guns is it finally time to say yes to yahoo!? should you search for a different stock? cramer decides. >>> later, industrial strength? prologis is at the center of the global supply chain operating a portfolio of distribution centers, warehouses and commercial real estate around the world. tonight, cramer is talking to the ceo to get a real re
CNBC
Sep 25, 2012 6:00am EDT
but one thing that is particular and specific to virginia are these looming defense cuts. we have a very rich heritage of participation in the defense of our country in the commonwealth and with the ability for us to go forward as a country, virginia plays a very important role and when you see the president refusing to get involved with substituting these defense cuts it will have a real impact on the communities across our commonwealth and it means real jobs and it will mean real layoffs and i believe that will end up winning virginia for a while. >> it's interesting, though, if you're looking at this as a voter, could you pick anybody to blame for this as we head toward the fiscal cliff. why do you think it goes back to the president on this? >> when the entire debt ceiling debate culminated august 2nd last year, you recall the resolution at the time to avoid going over that cliff was that we put in place the agreement that the super committee was supposed to come up with the remaining cuts that we were unable to do so at the white house. unfortunately, the two parties didn't get toge
CNBC
Oct 2, 2012 9:00am EDT
that problem. once in the organization and another plays defense. it is not the bears' defense. it is more the jets. you know what they are? they are on the punt pass. the season is over. >> two games left. >> there's a pup blast, a physically unable to perform list and microsoft is on the pup list. hewlett-packard is on there, dallas i.r. is there. >> are they career-ended injuries? >> come on, microsoft has a 3% dividend yield. >> sanchez just has to complete 3% of his passes. >> just keep going. >> i want to go with the man -- people didn't go for this. i'm going football metaphors. >> i thought it stayed on so i wasn't following. >>> let's talk american airlines. american airlines has temporarily grounded eight plans evaluated after seems became loose on two lanes in the last few dids. the investigators are the latest setback for america. they have been hurt in flight delays and cappslations causing travel agents to book flights with other airlines. of course, there a bitter dispute going on and a lot of the delays are pilot differentiated. americans lost could really be a gain for the
CNBC
Sep 27, 2012 12:00pm EDT
cuts are working as a defensive measure. take a look at this, last quarter, the average selling price of a blackberry hardware was $212. that compares to $290 a year before and $299 a year before that. and you've got to consider the play book tablet to the extent it's selling at all is selling near 200 bucks. what is it going to take for rim to regain share? the blackberry rim has to be better. here is another issue few people are talking about these days. media tech. that's the chip company that nokia locked in on feature funs. after buying m-start earlier this year, they said they're coming out with chip sets allowing chinese manufacturers to cheaply enter the market. if it works, that's going to give rim nightmares in the emerging markets where it's been able to hang on until now. >> wow. are you still negative on rim? >> i am. it's all about moving forward in technology and they haven't had a new product in almost a year. it will be until the beginning of next year they have a new products with markets going 50% to 5%, i think it's very, very difficult for a company to come back.
CNBC
Sep 27, 2012 3:00pm EDT
out defense and transportation, it was still a very weak number. that was the third down month in a row we had seen on that. that's not a good sign. >> so are things worsening? >> in my view, they are. the employment situation is as bad as it was in 2009. i like the employment to population ratio. that has only moved one-tenth of a percent higher since its worst print in 2009. >> yet, you don't want to get in front of this train that is the stock market with the central bank easing. >> i would disagree with that. don't fight the fed. you should be fighting the fed at this point. i look at double-digit returns. you don't get double-digit returns every day when you have these kinds of structural head winds ahead of you. we've been very actively doing what we can control, which is trimming portfolios into these rallies, taking risk off the table all year long. so when you say don't fight the fed, that's really a short-term phenomenon. >> really? >> to me it's a great opportunity. >> i don't know if ben bernanke -- he makes it sound like it's going to last for a while. you don't th
CNBC
Sep 26, 2012 9:00am EDT
, which was a very weak market. so they had somewhat defensive tendencies back then. so i really don't think it's essential to see leadership from the transportation sector. i'd really prefer to see frit the technology sector, which we have seen. >> walk us through what is leading -- and also, in terms of small caps, things with a little higher volatility that people tend to look to as canaries. >> right. so small caps -- and i'd also highlight emerging markets as having captured some performance recently. if you look at the emerging market shares, they've really lost momentum. i think investors will ultimately be seek out performance there because they're less overbought than the u.s. market. >> i heard you suggest that it was a buying opportunity. i didn't quite catch the level that you were targeting on the s&p. how high do you think we can bounce? >> well, 1420 is initial support and the breakout that we saw recently targeted about 1530, although the next resistance that it faces is up at the 2007 high. >> 1530 is 100 points higher than we are now. >> it is. and i think that's a
CNBC
Sep 28, 2012 6:00am EDT
now they're 0-4. >> in illinois today, europe begins its defense of the ryder cup. four matches this morning and four more matching in the afternoon. rory mcilroy and graham mcdowell within the first to tee off against jim furyk and snedeker. >> so we're hoping for him. no tiger/rory match-up today. and you remember somebody -- norman said that rory mcilroy intimidating tiger. nobody intimidates tiger. >> you would. >> i don't intimidate tiger or his caddie. he got rid of that thug. i think he's now with adam scott. but then the guy said adam scott won some average tournament and he said it was the greatest caddying game. i think he's a kiwi, isn't he? anyway, now today's weather forecast. alex wall larks i was trying to find out when on nbc the ryder cup starts today. >> i'll find out. >> alex, you're a renaissance man. you don't just know about rain, do you you? is there rain in illinois? how about that? >> it looks like the rain will be sinking just south of illinois, maybe a few showers this morning. but later today should be a little drier. >> who is it on today? >> espn to
CNBC
Sep 25, 2012 9:00am EDT
part that is you need. in the end, when you buy at the top, you're very defensive. this is not aol/time warner. at the same time, had they waited a couple, 18 months, they would have gotten a very different dynamic. >> very different deal. it would have been time warner buying aol. by the way, greatest deal ever done for the shareholders. >> sometimes you have winners and losers. >> that's right. there always are. >> the entire sector is down across the board. you look at deere and cat. jpmorgan estimates that companies will be down 14% through 2014. now is a great time apparently to buy up the mining services companies, according to ge, which will start a new mining unit. >> ge -- look, they have a good sense of the world. i'm not going to say -- look, put it this way, if they bought joint global they would do better than caterpillar, so maybe what they're saying is, okay, look, we didn't buy the top. we are not going to get the bottom. maybe china turns. i thought the general electric idea of buying my equipment and initially thought it was wrongly timed. stephanie link is on "fa
CNBC
Sep 26, 2012 6:00am EDT
. elsewhere, australia miners ended lower, but defensive headquarters capped loss on that market. india's index lowered by about .4 of a percent. >>> let's get over to london now and the latest out of europe. kelly evans is standing by with that. kelly, what can you tell us about some of the chaos there? >> becky, good morning. pretty much get a sense from looking behind me, it's great to see her, by the way, on your program. usually we just get to hang out on "worldwide exchange." you'd be hard pressed to find stocks in the green. there's a couple over there, but really not too many to mention. this is a pretty broad-based selloff. for the most part. we can take a look at the ftse 100. now greater than 1% on the morning. dax down 1.5%. cac shedding nearly 2% at this point. spain's ibex down 2.65%. this is where some of the real action has been. i almost don't need to do anything else but show you this chip and that can give you a sense of what's happening in markets. we've seen concerns about the health of different regions of spain drawing on the sovereign's finances. that starts to r
CNBC
Sep 27, 2012 9:00am EDT
interesting was the decline in motor vehicles. defense seems to be coming off. and that could be related to the drawdown, what's happening in afghanistan and iraq or more broadly early fiscal cliff, signs there. business investment up just 1.1% after declining really for two straight months. john says these numbers stink. he says these orders data are putrid. we believe that weakness is tied to problems in asia and europe as well as uncertainty over the tax environment for 2013. and then we turn to the other side, the better claims data. now, notice it moves it just a little bit, but along with more optimism in the jobs component, the claims data is the second piece of good news this week on the employment front. weekly claims falling by 26,000 to the lowest level since late july. got to have a little caution here, comes on the heels of a bump up in claims from hurricane isaac and, of course, other factors that are out there. something for candidates romney and obama in today's data. you can imagine romney pounding on the weak growth and obama saying hey, 286,000 more jobs out there and
CNBC
Sep 28, 2012 9:00am EDT
there is an appreciation that you don't do it, you sta a start off with cuts, 50 billion from defense, 50 billion from important programs. nobody comes ahead from either side of the aisle and certainly the american public does not come out ahead. >> you have built a very successful firm, gotten very nice press lately at center view. while the industry has been suffering to say the least. what do you make of 2013 as we head into it? i hear that we're going to see so many big investment banks still need to cut both compensation and perhaps head count. >> so clearly the industry remains in a period of transition. it's been like this for a few years. but i think it's important to recognize that this industry has always had periods of transition. just in my career, 25 years, i can think of three different cycles. the industry always comes out on top on a competitive basis globally. i do think we still have the most intellectual capital anywhere in the industry. the most innovation. and you already see firms doing what they should do to get to the right place. they're focusing on businesses where they can g
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